BUSINESSES across Warwickshire need to look at expanding into overseas markets to determine their future growth.

That was the message at the Insight to Support Your Business event which was staged at Coventry’s Ricoh Arena last week.

The panel discussion was hosted by Barclays Corporate and attracted more than 100 corporate businesses from across Warwickshire.

One of the key issues to arise from the event was that more businesses should be encouraged to compete overseas in a bid to grow.

According to experts more and more companies are using their knowledge base and skills to diversify into new markets.

The region was also highlighted as having ‘excellent’ universities for businesses to work with to develop new products, which allows them to compete in overseas markets.

Dr James Belini, a futurologist with more than 25 years’ experience, chaired the event and was joined by a team of business experts including Professor David Bailey from Coventry University and Philip Costigan, chairman of Coventry and Warwickshire First.

Also on the panel was Andy Currie, managing partner at Catalyst Corporate Finance.

He said: “Businesses need to consider who their competition is. This may no longer be a local or even regional company – this could well be competition from overseas and businesses must think about how they can compete on this international playing field.”

Prof Bailey added: “Growth in the economy will almost certainly come from exports. While the economy is growing, it isn’t growing quick enough.

“The public debt can be serviced but during this time, we need to hold our nerve and continue spending. Investment in innovation and diversification in international activity will be one of the key drivers for growth.”

Richard Fray, relationship director at Barclays Corporate and host of the event, added: “This region has historically excelled in the manufacturing sector and those businesses aligned to the automotive industry have faced particularly challenging times.

“However, we are seeing more and more companies using their knowledge base along with their technical and innovative skills to diversify into new markets.

“Warwickshire and the wider West Midlands region, has excellent universities, and businesses are starting to work closer with academia to develop products and services that allow them to compete in overseas markets, and this is something that should be strongly encouraged.”